Global fund managers raised their allocation to equities by the most on record in May, but Chad Larson, who manages the best performing tactical fund in Canada, is taking a contrarian approach—holding elevated cash levels while selectively deploying into his highest-conviction trades. On this episode of In the Money with Amber Kanwar, the Founder & Senior Portfolio Manager at MLD Wealth, breaks down why his largest holding is cash—and why that doesn’t make him bearish.
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AUXX — Gold-X2 Mining
District-scale gold deposit in Ontario with a $47B global major already at the table
- Anglo Gold Ashanti took a 9.9% strategic stake — a $47B global major doesn’t write checks for no reason. That’s the kind of validation money can’t buy.
- Working toward a 10 million ounce resource target, with drill results continuing to advance the deposit. A $100M financing recently closed, fully funding the next phase of development.
- Backed by Brian Paes-Braga (ex-CEO of Lithium X) and Hess Capital — a team with a proven track record of building and monetizing resource assets. Chad was adding to his position last week on the pullback.
- Takeout candidate: modeled at $3,100/oz gold, still well above current spot. TSX mainboard uplift and US listing both targeted for 2026 — potential re-rating catalysts on the horizon.
TCW — Trican Well Services
Canada’s largest pressure pumper, positioned for the LNG Canada export ramp
- Canada’s market-leading pressure pumper, screening favorably against larger-cap US peers on valuation — still at a significant discount despite comparable operations.
- Direct LNG Canada derivative: as export throughput ramps, completion activity accelerates and utilization tightens — setting up OFS companies to finally go from price taker to price maker.
- Pricing power is the key unlockable catalyst. OFS companies have historically undercut each other to keep crews working. Tighter utilization flips that dynamic — every dollar of price increase flows straight to the bottom line.
NILI — Surge Battery Metals
High-grade Nevada lithium play — speculative, 185M market cap, pre-revenue
- Co-led strategic financing by Brian Paes-Braga and Michael Hess — the same partnership behind Gold-X2. The $35–36M raise fully funds the Nevada North project to a construction decision.
- Planned rename to Lithium X2 with a NASDAQ uplisting, targeting a higher-profile investor base and potential re-rating. Domestic US jurisdiction is a strategic advantage as supply chain security becomes a national priority.
- Chad’s preferred pairing: own the LIT lithium battery ETF for broad sector exposure, then use NILI as the leveraged lottery ticket. Small allocation — big pounds in the ground, big risk, but big potential upside if the asset commercializes.
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DISCLAIMERS: This text AI generated and should be checked against actual delivery. The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice. The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.
